As the latest court decision seems to support Kwon Do’s defense, the Prosecutor’s Office of South Korea continues its effort to build a case against the Terraform Labs CEO. The authority’s pursuit of Kwon has largely been complicated due to the lack of a completely implemented legal code for crypto. Partner attorney Ohoon Kwon explained, “Korean law allows for a more limited range of securities than in the U.S.” He elaborated that there are six categories under the [Capital Markets Act], and the question is whether the tokens from Terraform Labs fall into a group known as investment contracts, which give a contractual right to profits or liability for losses form a venture run by a third party. [Bloomberg 10.26.22]

URL: Luna Token’s Legal Status as Crypto Dogs Prosecutors Chasing Terra's Do Kwon - Bloomberg